All Forum Posts by: Tia Rubadeau

*sorry, not sure why the @ function isn't working right when posting from phone

Andy W. James Wise Terry B. Jason Miller Thanks for the feedback, I'm pleased with the rates and coverage they offered I just wanted to be sure I wasn't missing any major complaints with that company (the low quite had me wary) but sounds like overall people are pretty happy with them. Working in the restoration and remediation industry I've worked with many insurance companies but never an American Modern claim.

Andy W. James Wise Terry B. Jason Miller Thanks for the feedback, I'm pleased with the rates and coverage they offered I just wanted to be sure I wasn't missing any major complaints with that company (the low quite had me wary) but sounds like overall people are pretty happy with them. Working in the restoration and remediation industry I've worked with many insurance companies but never an American Modern claim.

Does anyone have any experience with American Modern they would be willing to share? I was surprised at the minimal difference between the ACV and RC, was planning to go with RC based on the affordable premium quoted. I was curious if anyone has ever had to file a claim with them and what the process was like? I've worked with a lot of insurance companies but American Modern is a new one for me.

Robert Barnes my husband and I just finished one of these-- the only thing we saved was the original clapboard siding. Make sure you are very realistic with your numbers and timeline-- these ones can take awhile! Depending upon your background it may be a very stressful first project. I would also speak with the code enforcer-- not sure if people do this but I heard ours for this particular house was really tough so pulled him in early and built a great relationship, he was a great resource throughout the project. It can be a very satisfying transformation but draining also. We probably won't do another one like those for quite sometime unless the location was incredible. I'd be leery of those comps-- I've heard people say they are just trying to break even on the first deal, but it's a big project with lots of headaches to just break even on (or worse-- lose money). Many people probably would've told us not to take on our project (we bought it from a flipper who had second thoughts), but ultimately we are glad we did and it has generated a tremendous amount of new leads for future projects. Best of luck to you!

Thanks @Omi C., very interesting read!

Nice work! Amazing transformations!

Azeez K. Thanks, I will check it out. I'm pretty excited about getting started and trying to read as much as I can for additional ideas and tips for maximizing performance of properties. Ben Leybovich I do think it offers more flexibility than single families if I ever decide to relocate (warmer weather is the dream) but retain the properties in terms of hiring a property management company. My husband has always managed apartments for his family and definitely has more experience than I, but I also think that learning more about it will allow me to identify and consider different niches within the market as well as equip me with the education to be an involved partner and not solely rely on his decision making on what to purchase and how to manage the properties. While experience is a good thing I think it can also keep people from trying anything new even if there are better ways to do things or respond to changing needs of the market-- I don't want to be an unsuccessful landlord because I relied on someone else to make all the decisions for me (or someone who never makes the leap because I don't feel ready). I have pretty big goals for our business and I need to be well educated to be instrumental in making them a reality. We own a few properties now and it's been fun, but I think that moving up to larger properties is one of the best moves we can make to take our business to the next level. I have no doubt it will be a challenge but I'll learn what I can and make it work.

Does anyone have reading recommendations for apartment investing? I'm currently reading The Advanced Guide to Real Estate Investing by Ken McElroy and have ordered his other book The ABCs of Real Estate Investing. I plan to buy my first small apartment building this year and want to learn as much as I can about this area of investing. Thanks!

#askBP I would love to hear more about getting into larger multifamilies (preferably 24 unit and up) and the lending process that goes along with that. From what I understand the banks are more interested on the numbers of the property, but what factors would I need to take into consideration to make myself an attractive candidate to a bank (assuming the numbers of the property were good) other than having the down payment? Are they looking at a long track record of experience, debt to income, etc. How difficult is it to get traditional financing for a new investor in this arena? Thanks!